BAKU, Azerbaijan, Nov. 18
By Fidan Babayeva - Trend:
Digitalization is currently the main tool that ensures faster access of the population to insurance services, Mammad Aghayev, Advisor to the Executive Director of the Azerbaijan Insurers Association (AIA), told Trend.
One of the market conditions that largely began to develop after the start of the spread of the COVID-19 pandemic is the digitalization of insurance mechanisms, Agayev said.
Every service sector should be able to maximize this advantage for sustainable development, he said.
“I am glad that many types of insurance products are now available in electronic form in Azerbaijan. The insurance system is not only a service sector but also a social protection mechanism,” the advisor added.
“We believe that the process of complete digitalization of insurance services will be completed in the near future, which will contribute to even greater development of the sector,” Agayev noted.
Among the types of insurance for which positive development trends are observed, he especially noted compulsory real estate insurance and compulsory civil liability insurance of vehicle owners.
High demand for products for these types has been observed since the beginning of this year, Aghayev said.
The Azerbaijan Insurers Association was established on December 29, 2006.
Currently, 21 insurance companies and one reinsurance company operate in Azerbaijan.